FSA´s Power To Prosecute POCA Offences Is Confirmed

In the recent cases of R v Rollins and R v McInerney, the Court of Appeal has upheld the FSA's power to prosecute offences beyond those expressly set out in the Financial Services and Markets Act 2000 (the "Act"), including money laundering offences under the Proceeds of Crime Act 2002 ("POCA").

Background

Neil Rollins was charged with insider dealing and money laundering offences contrary to sections 327 and 328 of POCA. Separately, Michael McInerney was charged with committing offences contrary to section 23 of the Act in relation to various illegal "boiler room" activities and also offences under sections 327 and 328 of POCA. While the defendants accepted that the FSA could prosecute the primary offences, both challenged FSA's power to prosecute the money laundering offences.